[ghodlur]

Originally Posted by akhilesh

Now my doubt is exactly how much will I loose on NCB?

If I take a span of 5 years and do not take the claim then I would save 50% on OD amount every year VS if I take it and loose 50% next year followed by 30%, 25% and so on making it quite a significant amount that I lose I guess. Am I right in this understand ?

You will lose the entire 50% next year and you NCB will be 0. In other words you cannot claim any NCB during next renewal.

NCB does not reduce in the similar way as accumulation for every claim in an year. If you claim during the policy period, NCB will be 0 by default.

[ndp88]

Originally Posted by akhilesh

If I take a span of 5 years and do not take the claim then I would save 50% on OD amount every year VS if I take it and loose 50% next year followed by 30%, 25% and so on making it quite a significant amount that I lose I guess. Am I right in this understand ?

Appreciate a response on this

If it is just the scratch & dents, please do not claim for insurance. Find a local garage guy who can fix this up in 3-4K max. Once you claim insurance, you lose entire NCB & the counter will start from 0% from next year. My suggestion is not to claim, you can hold on to that NCB for savings.

Personally I'd go for insurance claim in case damages are major and affects the core functions of the car or there is third-party damage. For smaller cosmetic damages, its best to see the repair cost first locally & fix it up ourselves if not major.

[ddndrive]

Hi,

I was not in the country since last few weeks and just realised that the insurance of my 3 series got expired . I am looking to renew it now but the premium offered by the companies is way higher then the last time .

Has the insurance cost shooted up ? I used to get 40-50% discount till last year(apart from the NCB) , but this time I have been told that discounts are not given by the companies .

I need help in understanding as to how much discount the companies are offering now a days .

Thanks .

[Sk8r]

Has the insurance cost shooted up ?

GST of 18 % is being imposed which shoots up the premium considerably !

[ddndrive]

Originally Posted by Sk8r

GST of 18 % is being imposed which shoots up the premium considerably !

It was there last year as well ...

[paddu]

Hi all - This query is regarding the insurance of a used car that I intend to purchase.

The vehicle in question is a Tata Hexa 2017 model. The insurance lapsed in June 2019. The current owner did not renew the insurance as he wanted to sell the vehicle.

My question - How does it impact the used car purchase? Do I ask him to get the insurance done since it is required for transfer of the RC? Or can the transfer be done after the vehicle is transferred in my name?

Any help will be much appreciated.

Thanks,
Ankur

[ghodlur]

Originally Posted by ddndrive

Has the insurance cost shooted up ? I used to get 40-50% discount till last year(apart from the NCB) , but this time I have been told that discounts are not given by the companies .

TPL premiums have been hiked this year, that must have bumped up the cost. Generally the discounts you talk about are offered by Insurance cos when they want new customers. In your case since the insurance is expired, the priority should be to get your car insured ASAP which will required the car to be inspected since Insurance is expired. Some Insurance cos do waive off the inspection but its their prerogative.

Originally Posted by paddu

My question - How does it impact the used car purchase? Do I ask him to get the insurance done since it is required for transfer of the RC? Or can the transfer be done after the vehicle is transferred in my name?

Ankur, you can buy the Insurance on behalf of the previous owner and based on discussion deduct the premium amount from the car purchase value. Once Insurance is done, apply for the change in the car ownership. Once ownership is changed then you can apply for the Insurance ownership change to your name. OR check with the Insurance co if they can allow you to directly buy Insurance in your name.

[ganesc]

Hi All, Need advice on Ins renewal.

Our 2013 Ertiga had Zero Dep policy all the while with 50% NCB last year.
Claimed insurance twice within 2 weeks last month for 2 rear-ends (1.Parked in private factory ground -35k 2. Traffic light - 15k). Other party insurance claim is not that easy in India it seems. Anyways, lost 50% NCB for no fault of ours.

Now the renewal premium from Royal Sundaram is as below. Others offer way low IDV and no Zero dep.
25.5K for 6,21,000 IDV Zero dep vs
17.5K for 6,21,000 IDV comprehensive.

All this while, I had taken Zero dep as my friend had suggested me to have one as far as someone offers.
Is it worth going for Zero Dep even now for an 8K difference?

In case of Comprehensive, will I get only the depreciated IDV in case of fire/theft/total loss or full IDV?

Given no NCB, will I still benefit if I transfer insurance to a new car if selling this car? No definite plans though.

[ghodlur]

Originally Posted by ganesc

Is it worth going for Zero Dep even now for an 8K difference?

In case of Comprehensive, will I get only the depreciated IDV in case of fire/theft/total loss or full IDV?

Given no NCB, will I still benefit if I transfer insurance to a new car if selling this car? No definite plans though.

Since your car is more than 5 yrs old, getting zero dep option always will be a rarity. If RS is offering you the same, suggest to opt for it. But before that do a comparator check with other Insurer quotes.

In case of comprehensive policy, in case of total loss or theft, you will be paid IDV on pro rata basis depending on the policy period

You will in any case need to buy the insurance without NCB benefit for the car before selling it/transferring it to new owner.

[mithun]

Originally Posted by ganesc

Hi All, Need advice on Ins renewal.

Our 2013 Ertiga had Zero Dep policy all the while with 50% NCB last year.
Claimed insurance twice within 2 weeks last month for 2 rear-ends (1.Parked in private factory ground -35k 2. Traffic light - 15k). Other party insurance claim is not that easy in India it seems. Anyways, lost 50% NCB for no fault of ours.

Now the renewal premium from Royal Sundaram is as below. Others offer way low IDV and no Zero dep.
25.5K for 6,21,000 IDV Zero dep vs
17.5K for 6,21,000 IDV comprehensive.

All this while, I had taken Zero dep as my friend had suggested me to have one as far as someone offers.
Is it worth going for Zero Dep even now for an 8K difference?

In case of Comprehensive, will I get only the depreciated IDV in case of fire/theft/total loss or full IDV?

Given no NCB, will I still benefit if I transfer insurance to a new car if selling this car? No definite plans though.

In case of fire/theft/total loss you'll get near to 90-95% of IDV.


Go for Zero depreciation. But does the insurance company gives zero depreciation cover to cars older than 5 years?

[ganesc]

Originally Posted by ghodlur

Since your car is more than 5 yrs old, getting zero dep option always will be a rarity. If RS is offering you the same, suggest to opt for it. But before that do a comparator check with other Insurer quotes.

Originally Posted by mithun

In case of fire/theft/total loss you'll get near to 90-95% of IDV.

Go for Zero depreciation. But does the insurance company gives zero depreciation cover to cars older than 5 years?

Thanks ghodlur & mithun! Yes, I am being offered Zero dep by RS. Had been with Bharti-Axa for long but as they didn't offer zero-dep & with below average IDV last year, didn't renew it with them.

I used to buy thru' coverfox but the IDV vs premium wasn't worth it previously and now. And annoyingly too many calls from them, goes against too.

Thanks again! Overall, I am happy with RS. Will go ahead with zero dep policy.

[AWD]

Insurance renewal of my car is coming up but local Insurance dealers are not conveying the right mechanism of renewal. The thing is I bought a 2017 model car from a relative in 2018, first owner insurance had expired. So I opted to buy a fresh Insurance from IFFCO Tokio as they had a tie up with car dealership. I had to buy the insurance in first buyers name as the vehicle was not transferred in my name till then. So Insurance buying date was 10th sept 2018 in the name of 1st owner. When vehicle was transferred to my name, I got the insurance changed to my name on 20th Nov 2018.

First party had not taken any claim on the vehicle but the insurer did not give me any NCB on the premium. Now as the insurance is coming for a renewal, I got in touch with the insurance company. Last renewal IDV was 27.1L & premium I paid was 85K(full dep cap). Now the insurance company said they would fix the IDV at 25L & are still not giving me any NCB. Point to note is that even I like the first owner did not take any claim.

My queries are:
1) Should I have got NCB the first time I insured, that is 20% ? If yes, can I make a claim for it now?
2) How much IDV should I insist on now?
3) Am I entitled to NCB of 20 or 25% for this renewal now ?
4) Should I go in for a regular comprehensive Insurance or a dep cap cover again?
5) Any suggestions on which company to choose from? Im evaluating NIA, IFFCO Tokio, National & SBI.

TIA.

[self_driven]

Originally Posted by AWD

1) Should I have got NCB the first time I insured, that is 20% ?

No. NCB is not transferred to the new owner in case of vehicle transfer.

2) How much IDV should I insist on now?

Check the value of your car on websites such as OBV and Carwale. IIRC 10% depreciation in 1 year is the norm.

3) Am I entitled to NCB of 20 or 25% for this renewal now ?

20%, given that the previous policy has 0% NCB and no claims were made.

4) Should I go in for a regular comprehensive Insurance or a dep cap cover again?

Go for zero dep policy for as long as you can. As per my personal experience, it's completely worth it.

5) Any suggestions on which company to choose from?

Personally I stick to any of the popular ones (Bajaj Allianz, iffco tokio, HDFC, Tata AIG etc.), generally the one which offers me required benefits at the lowest price.

Make sure your nearby workshops have a tie-up with the insurance provider you opt for.

[AWD]

Originally Posted by self_driven

20%, given that the previous policy has 0% NCB and no claims were made.

So I asked for 20% for the coming up renewal as there was no claim last year but the insurance guy said since policy was transferred on my name in November but the policy was bought in first name in september, so the 20% wouldn't apply as 1 yr will complete in Nov! So If I wait till Nov for a renewal, I'd be without a policy for Sept to Nov. Is there logic in what the agent is saying?

Thanks for the comprehensive reply, cleared most of my doubts.

[ghodlur]

Originally Posted by AWD

Is there logic in what the agent is saying?

The agent is taking you for a ride, no such logic exists. If you have a claim free year before renewal irrespective of no of months since transfer, you will be eligible for 20% NCB. Why waste time and energy with the agent when the same can be done smoothly and fast online. Check out the comparator sites (for comparison only), visit the Insurance co websites for the quotes. Compare, negotiate and close the deal.